PhonePe Targets IPO Valuation Cut
Analysis based on 11 articles · First reported Mar 04, 2026 · Last updated Mar 04, 2026
The Walmart — PhonePe IPO, despite a lower-than-expected valuation, signifies a major liquidity event for early investors like Walmart, Apollo Global Management, and Microsoft. It will test the Indian public markets' appetite for high-growth, loss-making tech companies, especially after Paytm's post-listing struggles.
Walmart — PhonePe, an Indian fintech firm backed by Walmart, is preparing for an initial public offering (IPO) with a target valuation of $9 billion to $10.5 billion. This valuation is a 'haircut' from its last private funding round in 2023, where it was valued at $12 billion. The IPO will be an 'offer for sale' (OFS), meaning existing shareholders, including Walmart, Apollo Global Management, and Microsoft, will sell their stakes, with Walmart — PhonePe not issuing new shares. Walmart plans to reduce its stake by approximately 12%, while Apollo Global Management and Microsoft intend to fully exit. Walmart — PhonePe, a dominant player in India's Unified Payments Interface (UPI) transactions, faces challenges in monetization due to government regulations prohibiting fees for UPI services. The company's losses widened in the first half of the fiscal year, despite revenue growth. The IPO is expected to be India's second-largest fintech IPO, following Paytm's 2021 listing, which saw its valuation significantly decline post-IPO. The timeline for Walmart — PhonePe's IPO, filed in September, is set for April, subject to market conditions and geopolitical events.
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